Japan’s GDP shrinks 15.2%
Japan’s economy shark at the fastest pace in nearly 14 years, since 1955, by almost 15.2 per cent as its exports plunged sharply.
Many of the Japanese countries, from all sectors of the market, slashed their production due to slump in global demand, shut factories, cut its workforce in their attempt to come up with an effective cost saving strategy in the recession hit current financial year.
According to the Japanese government Japan’s gross domestic product (GDP), came down by a staggering annual pace of 15.2 per cent in the January-March period.
The current drop is not only the steepest in more than five decades, but also marks the fourth consecutive quarter of decline for the country’s GDP after a revised 14.4% for the October-December period.
In a parliamentary budget hearing, the PM Taro Aso said, “Weakness in the corporate sector is gradually spreading to households. This is a very serious situation, so we need to respond appropriately.”
